EY reports record global revenues of USD 34.8 b in 2018
Eight consecutive years of strong growth, balanced across all core businesses and geographies
EY Bulgaria reported revenue of BGN 30 million and growth of 2.7% for the financial year 2017. and maintains a leading position in the consultancy market in the country
Emerging markets continue accelerating growth trend – up by 10%
21 acquisitions and 4 new alliances in 2018 expand resources and capabilities in strategy, AI, blockchain, cyber, RPA and digital
To spend US$1b in technology-related capabilities over the next two financial years, buttressing growth in new innovation services
Commits more than one-half billion dollars annually to upskilling EY people, and another 65,000 people to join in FY19
EY expands reporting to include key non-financial metrics for stakeholders and moves to long-term value creation
EY announces combined global revenues of US$34.8 billion for the financial year ended June 2018. Overall, financial year (FY) 2018 revenues grew by 7.4% in local currency and 11% in US dollars (versus FY17). All EY service lines delivered strong growth in FY18: in local currency Assurance grew 4.4%; Advisory 10.1%; Tax 6.4% and Transaction Advisory Services (TAS) 13.9%.
In Bulgaria, the company reports combined revenue ** of BGN 30 million and growth of 2.7% for the financial *** 2017 * and retains a leading position in the consultancy market in the country.
Innovation and technology transforming traditional EY services and driving growth
EY has been redefining how it uses technology to transform and strengthen its traditional and new service offerings across all businesses, including labor-intensive manual processes and innovations using blockchain, artificial intelligence (AI) and robotic process automation (RPA). EY is using over 2,000 bots across its businesses and client services. Of these, the 700 bots supporting EY internally have saved more than 2.1 million people hours and brought higher accuracy to manual processes.
As part of its innovation drive, EY will invest USD 1 b in new technology solutions and capabilities over the next two financial years in areas like financial services, cyber, risk management, managed services, software, digital tax and digital audit. In FY18, two additional EY wavespace™ flagship locations opened in Milan and Tel Aviv, bringing the number of globally connected flagship innovation centers to 18. EY plans to launch a further six locations in FY19 to continue its aim to help clients conceive and launch solutions in mobility, customer experience, data analytics and more.
The future of work
EY continues to transform its approach to talent, providing meaningful career opportunities and enabling EY people to develop “hot” skills. Last year, it introduced digital credentials known as EY Badges to help EY people cultivate skills related to emerging technology, innovation and sectors. Today, more than 15,000 EY Badges have been initiated and more than 2,800 EY Badges have been earned, with data visualization and RPA being the most earned badges to date. In FY19, EY aims to have 50,000 badges initiated.
Building a better working world
EY is a purpose-driven organization, committed to its purpose of building a better working world. This is fulfiled by helping governments, businesses and communities globally solve their toughest challenges. Its purpose inspires EY people to use their knowledge, skills and experiences to support the communities in which they live and work around the world. In FY18, EY invested nearly US$125m in projects dedicated to strengthening its communities and its people contributed 740k hours of time to a variety of initiatives and value-in-kind projects. For example:
► EY NextGen is helping young girls in South Africa pursue degrees in fields such as medicine, engineering and accounting.
► In the US, EY is helping students, unemployed people and startups in local communities to develop their public speaking, networking and presentation skills so they have the confidence to lead and grow professionally.
► Through its neurodiversity program in the US, EY is hiring people on the autism spectrum and sharing program leading practices with other leading organizations around the world to help address the broader unemployment challenges people with autism face.
► EY has traditionally been associated with various initiatives to promote and support entrepreneurship. In 2017 and 2018, EY Bulgaria team continues to commit to EY Entrepreneurial Winning Women Europe’s mentoring program, where ladies with fast-growing businesses join a network of women entrepreneurs throughout the world, where they could receive advice and support for further development of their business as well as resources and solutions for their expansion into international markets.
Investments in people and new technologies not only help EY succeed in the market, but sustains its role in building a better working world.
The whole press release can be found here.
About EY
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.